Gaye is a lucky man, as he in fact has seen his dream, while millions of others won’t ever. His, and everybody else’s “dream” is their love of their lives, the person that can bring them the most happiness.
The first two questions Gaye asks are physical things one can do with their “dream”, you can both see and feel them. While the third is more a mental question. Your world stands still when you’ve found your biggest desire, time will pass slow and you’ll cherish all the moments you’ll have with your one true love.